Secured Loan 125 Ltv Secured Loans Second Charge
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When you apply for any credit, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the company that you are approaching for credit.
A credit check is a way for a lender to evaluate your past and current financial history, issues such as whether you settle your debts on time, make late payments, or have not made payments. A credit check also presents additional unsettled debts and any County Court Judgements (CCJ's) and other defaults.
This then gives the lender details of what sort of financial risk you will be if they determine to offer you a loan - and what the likelihood is of getting the money back! Of course, no lender is willing to lend money to someone who doesn't make payments on time or not at all! This checking system is known as credit scoring.
There are a few agencies who store this financial information - the two main ones are Equifax and Experian.
If you are in the process of making a decision about borrowing money, obtain a copy of the credit report before anything else. This will enable you to see if all of your information included in it is right and question anything that is not right. As an example, even only a little bit of wrong information - say your file indicates an unpaid debt that has been settled - could be the key factor in getting approved for a loan or mortgage - or not.
In order to obtain a copy of your file you must get in touch with one of the credit reference agencies. You will be charged a small amount (about £2) and you will be sent a copy for your perusal.
Confirm that your credit file shows you on the electoral roll - if this is not the case, this will have a harmful consequence for your score. Also, financial 'associations' - where possibly someone else who is living with you or who lived at your address before has an inadequate credit rating - will have an impact on your likelihood of getting any credit.
If you find information that is incorrect on your file, inform, in writing, the organisation who has given wrong information about you, and send out a copy to the credit record agency too.
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